Nigeria in 1min: Economic, Business and Financial Headlines - 081020

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Thursday, October 8, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @NigeriaGov

 

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COVID-19 Health Updates

  • 7th of October 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 59,738 cases (New: 155)
  • Discharged:  51,403
  • Deaths: : 1,113 (New: 0)

Source: NCDC Read More


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PROSHARE ECONOMY 

October 2020 Economic Insight: CBN Partially Relaxed Lockdown at the IEW and BDC Segments - Nova - The Apex bank partially relaxed lockdown on FX sales at the IEW and to BDC operators in September. The apex intervened at the IEW to the tune of $435 million, with estimated sales to BDCs of $295 million. Source NOVA Merchant Bank Read More

NESG v CBN: Lessons Learnt and Takeaways - The bombshells that blew up the friendship between the CBN and NESG created collateral damage to a beneficial interface between the organized private sector and the country's chief monetary regulator. Source Proshare Research Read More

Third Mainland Bridge to Be Shut Down Totally for Three Days - "The total closure of this section of the bridge is to ensure that there is no vibration on the bridge during the casting in-place of the newly installed expansion joints. This is to allow for the setting of the special concrete, which allows the concrete to achieve its required compressive strength. Source The Guardian Nigeria Read More

 

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PROSHARE MARKETS 

The September 2020 Nigerian Capital Market Service Report - Proshare - Nigerian Equities Market closed the month of September 2020 positive as market witnessed improved bargain hunting during the month under review. The NSEASI inched up by +5.94% as against +2.57% gain recorded in the month of August 2020 while the NASD USI closed northwards with +3.18% gain recorded at the end of the month under review as against +1.47% gain in August 2020. Source Proshare Research Read More

Investors Lose N143.75bn as NSEASI Dips by -0.95%, Halts Uptrend - Equities market closed today on a negative note, as NSEASI depreciated by -0.95% to close at 28,634.35 basis points as against +4.92% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +6.68%. Source Proshare Markets Read More 

The Virus Impact on the Current Account - Nigeria's current-account deficit declined in Q2 2020 from a revised -4.9% of GDP the previous quarter to -3.4%. It generally moves in tandem with the trade balance. Exceptions arise when the terms of trade and/or the exchange-rate arrangements are subjected to an external shock such as the Covid-19 virus. Source FBNQuest Research Read More

 

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PROSHARE BUSINESS 

A Journalist's Odyssey into the Nigerian Financial Market - At exactly 12am West African Time (WAT) on Tuesday, October 20, 2020, I shall attain the age of Sixty (60) on the planet earth, the next after Venus, third from the sun and the only astronomical object that harbours life. Source Sola Oni Read More

 Nigeria Wastes N115bn Gas in Seven Months - International oil companies and local players in the nation's oil and gas industry flared natural gas worth an estimated N114.79bn from January to July this year. The companies produced 1.64 trillion standard cubic feet of gas in the seven-month period but flared 119.24 billion scf. Source Punch Read More

CBN Disburses $13.99bn Forex in Six Months - The Central Bank of Nigeria supplied $13.99bn into the market between January and June. The bank disclosed this in its quarterly statistical bulletin on 'Supply of forex' for the month of June. According to the CBN, the forex was supplied to the interbank segment, the Bureau De Change operators, and also the Investors & Exporters window, Small and Medium Enterprises and invisibles. Source Punch Read More

NCDMB, NITDA Collaborate on Local Content Development - The Nigerian Content Development and Monitoring Board and the National Information Technology Development Agency have agreed to set up a six-man joint committee to foster collaboration in the development of local content in oil and gas, information and communications technology, and related sectors. Source Punch Read More

FG Acquires, deploys 1,000 Automobile Petrol-To-Gas Conversion Kits - The Federal Government has acquired about 1,000 conversion kits that will change petrol powered trucks and small vehicles to start running on autogas. Source Punch Read More

Global Markets: Asian Shares at One-Month Highs On Renewed U.S. Stimulus Hopes - A gauge of Asian shares climbed to a one-month high on Thursday, as renewed hopes for more U.S. stimulus helped restore investor confidence with markets now pricing in a Democratic victory during elections in November. Source Reuters Read More

 

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PROSHARE FINANCE 

Leadway Assurance Issues a Disclaimer, States Position on Delayed Agric Investment Returns - Following recent enquiries we have received on the delay on the part of some of our agric. tech partners to meet up with the obligations to their investors, we use this medium to clarify and put in proper perspective the terms of our contractual relationship with our agric. tech partners. Source Leadway Assurance Read More

 

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